Buffett remains sceptical about the Net

The idea that you can make fortunes on the Internet is "wrong", according to Warren Buffett, the man considered the world's greatest investor.

The man considered the world’s greatest investor has come out and said it — the Internet is "a big trap" for most investors. According to a news.com report, Warren Buffett, chairman of Berkshire Hathaway, gave his lukewarm assessment of the Internet’s money making potential at an annual shareholders meeting on Saturday.

"There has been very little money created by Internet businesses,” said Buffett, who is also known as ‘The Sage of Omaha’ for his prowess as an investor. “It has been a big trap for a lot of people."

Asked whether his view of the Internet had changed over the last year, Buffett replied: "We think the Internet is a huge opportunity for certain of our businesses. See's Candies' Internet business is up 40% this year. But I think the idea that you could take any business idea and turn it into wealth on the Internet is just wrong."

Berkshire Hathaway invests in a diverse range of ‘old economy’ industries such as insurance and foodstuffs. Buffett is the classic self made man, who has taken a few thousand dollars and turned it into billions over a career spanning several decades.

During the dot-com craze, he was criticised, even by his own shareholders, for refusing to invest heavily in technology companies. One year on from the NASDAQ crash, he’s having the last laugh.